Meanwhile, 8 properties are targeted for prompt demolition in first phase of project to remove hazardous structures
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Despite having a significant number of empty industrial offices, the Puerto Rico Industrial Development Co. (PRIDCO) on Wednesday launched a tender seeking to build a white box industrial park in Guánica.
Interested bidders must attend a meeting on March 19. The deadline to submit bids is April 16.
According to available information, PRIDCO owns a large inventory of more than 1,500 industrial properties across Puerto Rico, including industrial buildings, lots and raw land.
Some of the properties are not in condition to be used. In December PRIDCO completed the demolition of a property located in the municipality of Naguabo. The demolition marks the beginning of an ambitious project aimed at eliminating 33 hazardous properties across various locations in Puerto Rico.
Following a thorough evaluation of its property portfolio, 33 properties were identified as requiring demolition, with a reserved budget of $15 million allocated for that purpose. The first phase includes the demolition of eight properties, with a completion target set for this March. In fiscal year 2025-2026, some 25 additional buildings are expected to be demolished unless sold or repurposed beforehand. The initial phase, with an allocation of $3.6 million, is part of PRIDCO’s efforts to modernize its property portfolio and remove unsafe structures or those whose restoration would not be financially viable.
The demolition of properties with high structural risks aligns with PRIDCO’s strategy to optimize its real estate assets, enhancing Puerto Rico’s competitiveness in the industrial investment market.
